April 20, 2010
Source: Green Plains Renewable Energy, Inc.
Green Plains Renewable Energy, Inc. (GPRE) announced that it has entered into agreements to acquire agribusiness operations in west Tennessee which includes five grain elevators with federally licensed grain storage capacity of 11.7 million bushels. All of the grain elevators are located within 50 miles of the Company's Obion, Tennessee ethanol production facility. As part of the definitive agreements, the Company also agreed to acquire certain grain and fertilizer inventories and other agribusiness assets. Closing and funding of the acquisitions are expected to occur within the next two days.
All of the agribusiness assets are held by companies owned by the Tom Wade family and Farmers Grain of Trenton, LLC. The five grain elevators are located in Como, Dyer, Kenton, Trenton and Union City, Tennessee, and will be owned by Green Plains Grain Company TN LLC, a wholly-owned subsidiary of the Company, and included in the Company's agribusiness segment. With the addition of these agribusiness assets, the Company will operate 13 grain elevators with 30.3 million bushels of grain storage capacity.